Convictions Upheld Against Chinese Bankers Who Laundered Money at Casinos

A federal appeals court panel upheld convictions of two former Bank of China managers along with their wives.  They are accused of stealing over $480 million from a bank and using a portion of those funds at various Las Vegas casinos.

Those charged included bank executives Xu Chaofan and Xu Guojun along with Yu Ying Yi and Kuang Wan Fang.

From the Las Vegas Sun: 

The 2009 convictions included racketeering, money laundering, international transportation of stolen property and passport fraud. The scheme involved diversion of money from the Bank of China to make fraudulent loans, purchase property and to finance gambling trips to Las Vegas and other casino locations.

The U.S. Justice Department said the evidence against the Chinese nationals revealed part of the stolen money was processed through transactions at Las Vegas casinos where bets ranged from $20,000 up to $80,000.

In Las Vegas and Macau, they bet millions at the baccarat tables and sometimes spent $4,000 on an evening meal, according to the government. But their rooms were often comped.

The individuals were arrested in 2004 with Chaofan sentenced to 25 years in prison and Guojun sentenced to 22 years.  The wives received eight-year probation terms each. 

- Gilbert Horowitz, Gambling911.com